It was one of the most highly-anticipated coming-out parties in Wall Street history.
On May 18, a hoodie-clad Mark Zuckerberg stood in front of a crowd of thousands outside his Menlo Park headquarters to ring in Nasdaq’s opening bell — a moment which officially welcomed Facebook and its brash and disruptive management team to the pantheon of Wall Street’s tech stars.
Up to that point, the perception among many on Wall Street and in the media was that Facebook, along with the dozens of banks overseeing its transition to a public company — including lead underwriters Morgan Stanley , JPMorgan and Goldman Sachs— had run a near-perfect offering. Despite a few hiccups and lingering concerns about mobile growth, the social giant had managed to pull off the largest internet IPO in history, raising some $16 billion dollars at a valuation of more than $100 billion. It was a remarkable feat. There was nowhere to go but up.
But just after 11 a.m. — the time Nasdaq had previously scheduled shares to start trading — system issues at the exchange began to mishandle Facebook trading orders , and everything changed.Page 1 of 2 | Next Page